Magic V Modchip

I'm planning on getting this chip does anyone know anything about it. If i have it installed do i need a boot up disk or will the games load directly. And will i be able to play imported cd-r and dvd rips games.

I just got my pre-modded PS2 with the Magic V chip and it works great! Here is the features of the Magic V modchip..
Works in the newest versions you will find in the store including the 39010 Online version or Optional V9 SCHP-50001/50010 Version as well.
Advantages over magic 3.1 - loads from browser - FASTER LOADING - no game save issues -and 100% boot rate even on the newest dvd9 format.
Special Orders Avaiable for models 50001/50010 (Click Here to see new V9 PS2 Box)
Load All Your Copies/Imports Direct
Load No Swapping Just Like Originals.
Direct boot of DVD movie copies
Direct Boot Of DVDR Rips
Direct Boot Of PS1 Original Imports And Backups
Multi Disk - DVD9 - and Gameshark2 Ready
Direct Boot Of PS2 Original Import CD And DVD
Direct Boot Of PS2 Backups (CD and DVD)
Direct Boot Of EA Sports Backups (Without Patch)
Direct Boot Of Original Imports EA Sports
Bonus Features: Full Screen Display
These Mods Also Work In Machines From All Countries, Don't worry which country you are in.
NTSC And PAL and JAP Ready
Auto detect region and Version.
Multi safe system design - protect your PS2 console.
Does not effect your DVD player all original features of the PS2 remain the same - Bonus modchip off feature
100 % Reliable performance.
This chip works on all versions: 5 6 7 8 9 30001R - 39001 / 39010 Or 50001 / 50010 Only V9 Chip